The First Trade… Heavy load.

Proper context can start the day with a solid win and make all the difference.

CHARTROOM LINK(s)
o Win XP-Friendly entry
o non-xp friendly (ilinc)
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Monday”s narrow overnight range centered around 2093.00 quickly launched an opening rally. It trended higher intraday to eventually touch its 2105.50 maximum objective. Buyers gained traction for their effort, while confirming Monday”s breakout. .

Overnight action”s new info…
The first order of business was to fulfill the 2099.25 objective of the last-minute reaction down that had begun from Tuesday”s. Its touch reacted up and began surging to a fresh high at 2107.50. That was short-lived, as the balance of the night settled down into a narrow 3-point range back to 2102.00.

If, then…
The rally need not resume immediately, regardless of Tuesday afternoon”s buyers having gained traction, while confirming Monday”s breakout. Actually, those are the reasons why the rally is vulnerable to reversing down — because having entrenched its uptrend, a corrective dip can be more easily absorbed. Nevertheless, exiting the open above yesterday”s high would be credible for extending higher through at least the morning. Either way, Yellen”s televised congressional Q&A is a likely catalyst.

First Trade…
Exiting the open at 9:45 above 2105.50 would be likely at least to test the 2108.50 bias-up signal. Exiting the open under 2105.50 would be unlikely to trigger bias-up. Exiting the open under 1097.50 would be likely to trigger the 2099.25 bias-down signal.